Perhaps the most glaring use case for blockchain and smart contracts is the music industry. This new technology could easily disrupt the entire billion dollar industry. It’s no wonder numerous startups are rushing into blockchain to carve out their nitch. New ICO Emanate (MN8) believes they have an edge on the competition by building their platform on EOS instead of Ethereum.
Emanate is a music creation and collaboration platform that allows creative artists the tools to rightfully, and legally monetize their works via smart contract. Brought to us by Pedro Colaco, creator of the world’s leading cryptocurrency streaming platform, Dsound, Emanate will be one of the first apps on the EOS platform.
“With Dsound as our proof of concept on Steem, and some investigation on Muse we have settled on EOS as the best platform to commence build of our production grade platform. EOS covers decentralised storage, ultra fast processing, no transaction fees, and smart contracts. Furthermore we believe that those involved in EOS have the right vision for blockchain technology and we relate strongly to the ethos.”
MN8 is designed to reward creators, producers, distributors and influencers in the music industry ecosystem. According to the company:
“For fans and listeners, Emanate is positioned as the very best place to hear the latest new sounds, to discover the biggest new tracks first, and to earn cryptocurrency in exchange for musical influence and following.”
Emanate offers six key components for listeners and creative artists:
- Web App: The first feature to be released, Web App allows music producers to seal their work with “Smart Collaboration” then publish it on the platform. Music lovers will discover the original content, create playlists and follow their favorite artists. The artists and anyone else involved in creating the song will be programmed into the smart contract so they can receive their fair share of listening royalties. Tracks created on the Emanate platform will be instantly published for discovery and monetization via listener playback, collaboration with other artists and commercial licensing. Listeners can also earn MN8 tokens in exchange for playlist creation and sharing.
- Smart Collaborations: The blockchain smart collaboration layer will launch day one of the Alpha release. Each time two artists share some audio, an agreement is executed on the blockchain. This is the backbone of the Emanate ecosystem which is used for royalty calculations and artist payments.
- Mac and PC Studio Apps: Used by music producers for track management and sound discovery, studio apps may become nodes in the content network. It will allow streamlining of the music production workflow, leveraging files stored locally on your hard-drive, with IPFS-based Emanate samples.
- Digital Audio Workstation (DAW): Emanate will fully integrate with DAW. Sounds, samples and track packages that are shortlisted in the discovery apps will appear in the DAW file browser to be queued and auditioned for tracks. Plugins will be released which will bring Emanate sounds and collaborations directly into the DAW, removing file downloads completely. The journey from sound recording to full track release will now exist in a frictionless, Emanate based workflow.
- Audience Attribution: Proprietary algorithms will ascribe ownership to rightful creators and will help identify and reward unique music.
- MN8 audio exchange protocol: Emanate Live is built on the MN8 AEP, so new protocol releases will be realized as the platform evolves. They will launch an open source API and SDK development program, allowing the entire music industry to access the ecosystem and leverage its power and interconnected system.
A series of audio-recognition algorithms will ensure only unique, high-quality audio makes it to the platform. Another audio analysis process will look for copyright violation and Emanate will not only protect artists from fraud but will also reward and incentivize musicians for the creation of unique music.
MN8 is a utility token that actually offers utility. Here are the guidelines:
- MN8 will need to be staked on the platform in order to run a record label.
- MN8 is required for artists and/or labels to publish ‘official’ releases to the platform.
- All accounts (listeners, artists, labels) will require a balance of MN8 in order to stay active.
- Listener accounts are debited micro-payments as payment for their plays.
- Record labels will need to hold a significant amount of MN8 as a deposit in order to receive royalties from their artists.
- Emanate tokens will also be used to process transactions and licensing agreements off the Emanate Live platform via the Audio Exchange Protocol.
- Listeners can also earn MN8 tokens in exchange for playlist creation and sharing.
- Each Emanate application can operate as a node on a studio computer, generating even more value for holders.
The token will be launched on the EOS platform but selling will take place via Ethereum ERC-20. The private sale consisted of 19 million MN8 tokens, which were sold at various prices. The public sale will consist of 88 million units at a price per token of $0.12.
In terms of allocation, the breakdown is as follows:
- 10.5% marketing
- 10.5% overhead
- 10.5% events/PR
- 5.3% legal
- 63.2% platform development
Team, adviser and partner tokens are vested over 18 months with 25% unlocking at the end of the token sale and 25% every six months thereafter until 100% is reached.
Accounts/airdrops will be completed at some stage in future to attract new users to the platform
The group of mostly Australians seem pretty solid and better than average. They have a fair amount of hype despite being so early in their marketing plan. The Telegram and Twitter each boast 4,000 followers.
Reis Colaço (CTO/Founder) is a full stack developer with 30 years’ experience. He is the creator of Dsound, a popular music app build off steemit.
James Frew (Industry Relations Director/Founder) produced, engineered, remixed and curated for Evolution Radio, BBC 1XTRA, KIIS FM and 2DAY FM, Tommy Trash, A-Trak, The Stafford Brothers, Gryffin and Marquee Las Vegas. He has scored film placements for Magic Mike, Trophy Wife, Persons of Interest and the Bold Type.
Sean Gardner (CEO/Founder) spend a couple years as head of technology with DDB Group Australia, a rather large advertising agency.
Trent Shaw (CFO/Founder) has 15 years experience in online technology. He worked as a sales manager for eBay and served in various roles at other top technology companies.
The team is in the process of appointing experienced professionals in the Digital Rights Management space to help us contribute positively, fairly and legally to the world of Digital Rights Management.
Emanate is assembling a team of artist ambassadors, lead by Jordy Dazz and Thomas Olsen who alone have over three million followers on their social media and music accounts.
Ten advisers, three Territory Influencers, and four partnering artists round out the team. The advisers are a mixed group of seriously well-connected people. One of whom, Michael Trainer, co-founded Global Citizen Festival which raised over $1 billion for charity over three years and hosted Coldplay, Jay Z, Rihanna and hundreds of other massive superstar acts. He is connected to a lot of people in both the tech and entertainment space and is making Emanate introductions to VCs, artists management companies, EOS Foundation, tech partners and various artists.
Learn all about them here.
Smart contracts and music go together like peas and carrots. Manufacturing, distribution costs and unfair royalty percentages are all a thing of the past on Emanate. The music technology platform they are building places creative artists, fans and effortless collaboration at the center of its ecosystem, allowing for smart contract creation and precise royalty distribution.
- Perhaps they were just waiting for EOS before making a detailed plan, but the roadmap just says “Beta Launch 2019 and Production Release 2020.” EOS gives them a chance to be front-runners, would it be nice to see a lot of goals and deadlines to motivate the team to work as quickly as possible. When asked about analytics for owners/promoters/third-parties, as well as the SKD, the mod responded, “Yes for sure, probably more towards maturity as analytics is quite complicated on a decentralized network. The API/SDK part of our project is further down the roadmap.” -1
- Competition is fierce There are already at least five crypto related music projects. -1
- Trying to get this out to the masses cant be cheap. They will raise about $15 million. That is going to have to stretch. -1
- 9.6% of the supply going to bounties/account/airdrops seems too much. Perhaps it will prove to be a good marketing strategy, but for now it is a risk. -0.5
- CTO Pedro Colaco created Dsound, the No. 1 music streaming platform in crypto, which gets 134,000 visits a month without any marketing. This proves the demand for this product is here, and that the team is capable of producing. +3
- When the Emanate platform is ready for beta launch and hosts hundreds of thousands of unique tracks, Emanate will give away 1 million free trial accounts which will be pre-loaded with an MN8 balance. This will be a key moment for Emanate taking us from the stage of early adoption to mass awareness in a matter of months. +1
- There are many utility uses for the token. including nodes and staking. +1
- The EOS blockchain has the potential to scale much faster than Ethereum. Since Emanate is the front-running app on EOS, that gives it a tremendous head start vs competition.+2
- Partnerships , and networks. They have 10 Advisors, and several talented artists and influencers on their team. The experience and connections are stronger than most startups.+2
Out of all music related blockchain start-ups, I believe this looks the most promising. 6.5/10
Featured image courtesy of Shutterstock,